Electronic Cigarettes International Group, Ltd. (OTCMKTS:ECIG) Files An 8-K Bankruptcy or Receivership
Item 1.03. Bankruptcy or Receivership.
After considering all strategic alternatives, Electronic
Cigarettes International Group, Ltd. (the Company) filed a
voluntary petition for relief under the provisions of Chapter 7
of Title 11 of the United States Code, 11 U.S.C. 101 et seq. (the
Code) in the United States Bankruptcy Court for the District of
Nevada (the Bankruptcy Court) on March 16, 2017. As a result of
this filing, a Chapter 7 trustee will be appointed by the
Bankruptcy Court (the Chapter 7 Trustee) and will assume control
of the Company. The assets of the Company will be liquidated and
claims paid in accordance with the Code.
Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangement of Certain Officers.
In connection with the bankruptcy filing, the Chapter 7 Trustee
will assume control over the assets and liabilities of the
Company. Accordingly, on March 16, 2017, Daniel J. ONeill, James
P. Geiskopf, Craig Colmar, and David Karp resigned from their
positions as directors of the Company.
Cautionary Statement Regarding Forward-Looking
Statements
The statements contained in this Current Report on Form 8-K that
are not historical facts are forward-looking statements (within
the meaning of Section21E of the Securities Exchange Act of 1934,
as amended) that involve risks and uncertainties. Such
forward-looking statements may be identified by, among other
things, the use of forward-looking terminology such as believe,
expect, may, could, would, plan, intend, estimate, predict,
potential, continue, should or anticipate or the negative thereof
or other variations thereon or comparable terminology, or by
discussions of strategy that involve risks and uncertainties.
Such statements involve risks, uncertainties and assumptions. If
such risks or uncertainties materialize or such assumptions prove
incorrect, the results of the Company and its subsidiaries could
differ materially from those expressed or implied by such
forward-looking statements and assumptions. All statements other
than statements of historical fact are statements that could be
deemed forward-looking statements, including any statements of
the plans, strategies and objectives of the Company for future
operations, other statements of expectation or belief, and any
statements or assumptions underlying any of the foregoing. Risks,
uncertainties and assumptions include the possibility that
expected benefits may not materialize as expected. The Company
assumes no obligation and does not intend to update these
forward-looking statements.
About Electronic Cigarettes International Group, Ltd. (OTCMKTS:ECIG)
Electronic Cigarettes International Group, Ltd. is an independent marketer and distributor of vaping products and E-cigarettes. E-cigarettes are battery-powered products that simulate tobacco smoking through inhalation of nicotine vapor without the fire, flame, tobacco, tar, carbon monoxide, ash, stub, smell and other chemicals found in traditional combustible cigarettes. The Company accommodates the various product preferences of E-cigarette users by offering a set of products, including disposables, rechargeables, tanks, starter kits, E-liquids, open and closed-end vaping systems and accessories. Its products consist of components and nicotine liquids. Its global brand portfolio includes the FIN, VIP, VAPESTICK, E-CIG, PRO VAPOR and VICTORIA brands. The Company offers E-cigarette cartridges in a range of flavors. The Company also offers a range of E-cigarette products and related accessories, including disposable E-cigarettes, rechargeable kits and prefilled cartomizers. Electronic Cigarettes International Group, Ltd. (OTCMKTS:ECIG) Recent Trading Information
Electronic Cigarettes International Group, Ltd. (OTCMKTS:ECIG) closed its last trading session up +0.0058 at 0.0320 with 1,411,483 shares trading hands.